Paying back debt - defaults and AP

boscobo

Hi there,

I failed to manage payments with two credit cards in early summer 2012.

I made an 'arrangement to pay' with both by August 2012 and am now in a position to pay them back.

I've checked my credit record and one of the lenders - Capital One - put a default on my account after 3 failed payments. Looks like I caught Vanquis in time as they show AP after 3 late payments, no default.

I started the process of making arrangements to pay at the same time for both of them and have no idea what paperwork Capital One ever sent out to me.

Is it worth me contacting Capital One to see if I can get the default removed and changed to AP?

Would I be able to keep my card with Vanquis if I pay it off in full - is it worth me doing so to build back up a credit rating at all?

I'm only interested in restoring my credit rating to the point where I can rent a property - I've no interest in loans or credit cards.

Any help greatly appreciated so I can take the next right steps in getting it sorted as best as possible.

dumpyboy

The default Capitol one placed in 2012 the whole account will be removed from your credit file in 2016 if you read my posts you will see a default account is better then one with ar s I am suffering from them after 8 years and think I will for a lot more wait another year and you see it s better

chanz4

If it as 2012, when was the default placed as its 6 years after or 5 years scotland

fermi

chanz4 wrote: »

If it as 2012, when was the default placed as its 6 years after or 5 years scotland

Same in Scotland. 6 years.

You are mixing up the time period to be statute barred with how long things remain on credit files.

boscobo

Hi - I looked into this more.

I'll stick with the default and just pay it off. I didn't think Capital One would change it anyway unless they made a mistake and I've no idea if they did.

The AP with Vanquis will stay on my record for 6 years after I settle so might as well get that one done sooner than rather later as well.

WannaBLoaded

I had a capital one card and defaulted, only a 300 quid limit too which bugged me. I packed my job in out of depression and basically just never paid them anything. I owe them £505 but this debt is over 4 years old now, by 2017 it will be gone.

If they default you, there is very little incentive to pay them back but as you have been making payments you have no choice now because if you stopped the debt default would extend for another 6 years.

How much had you defaulted on?

Landlords can't access your credit file, to my knowledge, to the extent where they can see if you have defaults.

Plus, i took out a vanquis cred card 3 months ago and an aqua one approved the other day, which i thought odd considering i never paid capital one a bean.

Gonna pay these ones back now though!